A remarkable 1949 Kweichow Bamboo Dollar will cross the block in Stack’s Bowers’ April 13, 2026 Hong Kong Showcase Auction, Rarities Night, where it appears as Lot 40052 with an estimate of $700,000 to $1,000,000. The coin carries a PCGS EF-45 grade and belongs to the elusive square-framed window variety, a subtype that specialists rarely see in the marketplace.
A Landmark Rarity of Republican China
Collectors already rank the Kweichow Bamboo Dollar among the great rarities of Republican-era Chinese numismatics. This example adds another layer of importance. It represents the scarcer L&M-613 / K-758a / KM-Y-433a / WS-1113 variety, identified by the square-framed window on the pavilion, rather than the more often encountered round-window type. Stack’s Bowers states that this piece marks the first square-framed example the firm has offered.
The coin comes from Kweichow, Year 38 (1949), with an uncertain mint, possibly Kweiyang. NGC’s listing for Y#433a also identifies the type as the Bamboo Dollar and notes the square-window pavilion design.
Why Collectors Call It the Bamboo Dollar
The nickname comes from the reverse. Stalks of bamboo fill the field, giving the coin one of the most recognizable designs in late Republican Chinese coinage. Meanwhile, the obverse shows a detailed Chinese pavilion. That architectural scene gives the issue much of its visual appeal, and in this case it remains clear despite honest circulation.
Stack’s Bowers describes the coin as evenly worn with minimal, balanced wear across both sides. The piece also shows vibrant pastel toning, which adds eye appeal without distracting from the design. Just as important, the coin remains without issue, a major point for a type that advanced collectors know in far less wholesome condition.
Hidden Symbolism on the Obverse
The obverse carries more than architectural beauty. It also includes hidden symbolism that echoes the earlier and widely collected Kweichow Auto Dollar. In the doorway, the pavilion displays the small Chinese character 谷, which the current Stack’s Bowers catalog ties to then-governor Ku Cheng-lun (Gu Zhenglun). The catalog further notes that Kann mistakenly attributed both the character and the province’s governorship to Kuo Tseng-kuang.
Another small but important detail appears below the doorway. The letters “T L K” sit in block form near the base of the structure. Stack’s Bowers says those initials likely refer to the coin’s engraver. For specialists, details like these push the Bamboo Dollar beyond rarity alone. They turn it into a coin with layered meaning and lasting research value.
The Square-Window Variety Matters
Not every Bamboo Dollar offers the same level of rarity. The market sees the round-window type more often. By contrast, this piece belongs to the square-framed window emission, which Stack’s Bowers says appears only sparingly in the trade. That distinction matters. Serious collectors of Chinese provincial coinage do not simply chase the type. They chase the right variety, the right surfaces, and the right certification result. This coin checks all three boxes.
That last point deserves emphasis. The catalog notes that this coin stands as the first PCGS-graded, problem-free Bamboo Dollar offered since a PCGS EF-45 round-window example sold for $660,000 in Stack’s Bowers’ September 2021 Hong Kong Auction as Lot 23048. PCGS confirms that result in its auction records.
A Seven-Figure Coin in Waiting?
The estimate of $700,000 to $1,000,000 places Lot 40052 among the headline pieces of the sale. That range makes sense. The type already holds legendary status. The variety appears far less often than the round-window issue. The grade remains strong. The surfaces stay original and problem-free. And the most directly comparable PCGS EF-45 Bamboo Dollar brought $660,000 more than four years ago, even though that earlier coin represented the more available round-window subtype.
For those reasons, this Kweichow Bamboo Dollar could become one of the standout Chinese coin offerings of 2026. At the very least, it gives advanced collectors a fresh chance to compete for one of the most coveted provincial silver dollars of the Republican period.
At a Glance
Auction: Stack’s Bowers April 2026 Hong Kong Showcase Auction, Rarities Night
Date: April 13, 2026
Lot: 40052
Coin: CHINA. Kweichow. “Bamboo” Dollar, Year 38 (1949)
Mint: Uncertain, possibly Kweiyang
Grade: PCGS EF-45
References: L&M-613; K-758a; KM-Y-433a; WS-1113
Variety: Square-framed window
Estimate: $700,000 – $1,000,000
